by Mish Shedlock, Mish Talk:

The S&P Services PMI is the trigger. Prices leap and shortages noted.

S&P Global US Flash PMI

Please consider the S&P Global US Flash PMI®

US business activity growth accelerated for a fourth successive month in September to reach the fastest rate for over five years. A further surge in service sector business activity was accompanied by a renewed improvement in manufacturing output growth. Employment also rose sharply, with jobs added at a pace not seen for over four years, as firms sought to meet rising demand. However, backlogs of work continued to rise at an increased rate and supply chain delays intensified, pointing to a lack of operating capacity which fed through to higher prices. Input costs meanwhile surged higher on the back of the recent spike in energy prices, adding to a worsening inflation picture.